Intelligent Contract Platform Enables First Fully Digitalised Iron Ore Trade
The first fully digitalised iron ore trade was announced by Chinsay on June 17 (2019). Chinsay is a leading provider of contract digitalisation solutions in the commodity and freight markets. This trade was successfully done via a trial in partnership with Rio Tinto and Cargill’s Metals business on Chinsay’s Intelligent Contract Platform (ICP).
Rio Tinto and Cargill collaborated on a single platform (ICP) to dramatically reduce the time it takes to create, issue and approve commodity contracts from several days to under two hours. The digitalisation of this fundamental trade process creates the opportunity to automate and deliver post-trade efficiencies by linking front-, middle- and back-office functions.
ICP is state-of-the-art technology which allows companies to digitalise pre-trade processes early in the deal lifecycle, creating an agreed contract dataset that can be seamlessly integrated with other operational systems, functions and processes, enabling transparency and traceability across the supply chain. ICP prepares clients for the use of technologies such as blockchain, ML, AI and electronic trade documentation solutions.
The ICP SaaS platform supports API integration and can be deployed exceptionally quickly. ICP captures data during contract creation, providing a Golden Copy. It integrates with risk management, accounting, legal and operational functions, resulting in cost savings, increased efficiencies, improved security and risk control.
Chinsay was founded in Stockholm Sweden by a shipping indistry veteran, Dag Sunden-Cullberg and has offices in Singapore. Chinsay CEO, Colin Hayward (pictured above) said: “This is a technological milestone for the industry, and we are delighted Rio Tinto and Cargill Metals chose to partner with us and use our ICP as the core technology to create this advance.”
Lee Kirk, Managing Director for Cargill’s Metals business added, “This is a great example of how we can leverage advancements in technology to benefit from increased speed, transparency and efficiencies that enable us to serve our customers and suppliers better.The Intelligent Contract Platform is a great tool that has the potential to benefit the entire ferrous industry.”
Source: Chinsay; Cargill for Lee Kirk photo